Hyperliquid (HYPE) shows bullish momentum, rebounding 6% from a key demand zone around $30.67, which has been strongly defended by buyers with three rejections of a decline over the past two weeks. The daily chart indicates strong potential demand, with the stochastic RSI in the oversold region, which historically often signals a price reversal. On-chain data shows buyer dominance, with a rising trend in the 90-day cumulative trading volume difference, and market sentiment is bullish, with a Long/Short ratio of 1.04. If buying pressure and trading volume increase, HYPE may challenge the $40 resistance level, but caution is still needed for a possible pullback to the $30-32 range. The combination of technical indicators and market sentiment provides a positive outlook for HYPE traders and investors.